Heathcare exchanges working even better than advertised: NY insurance premiums see 50% cost decrease.

[Hauldren Collider]

Are lower premium health care plans necessarily better?

Depends on the deductible. "lower premium" could be rather meaningless without knowing what these plans actually cover.

[giblets]

It's a little hard to believe that they're now offering the same thing for half what they charged before. Sure, lack of transparency and competition could have given them some monopoly power, but 50% cheaper sounds too good to be true. I don't see how they could have deterred competitors from entering the market if they were getting 100%+ profit margins.

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[Hauldren Collider]

Given that the level of coverage and benefits are standardized on the exchanges and that consumers can pick the one they want from the various competitors, I would say, yes. In any event it should be obvious to everyone that increased competition in the market place and increased transparency (I.E. companies can't fiddle around with what is or is not covered in order to make it harder for consumers to compare prices; all plans on the exchange are standardized) are very good things for consumers and really will result in lower prices for the same services.

Just check out what has already happened in Oregon, California, and now New York. Lots of companies are seeing this as an opportunity to expand into new markets while the old line players (who were used to little or no competition and being able to simply demand what ever price they wanted) are being forced to actually respond to the increased competition in the market. This is a very good thing.

This is incredibly specious reasoning. What makes you think they wouldn't have attempted to compete WITHOUT the exchanges?

Individual health care is also a really small market, most people get insurance through their employers, and many that don't use health savings accounts with high-deductible plans.

[Dinner]

Aren't they already in effect?

They've been in effect in MA since 2006 but for the rest of the states open enrollment starts this fall.

[Dinner]

This is incredibly specious reasoning. What makes you think they wouldn't have attempted to compete WITHOUT the exchanges?

A lot of them did in fact attempt to find ways to prevent direct comparisons by changing exactly what was covered, advertising low rates which most people didn't actually qualify for (and in fact the rates they ended up paying was up to 50% higher), and generally just making it hard for consumers to compare apples to apples in order to figure out who was offering the good deal. By standardizing everything to three plans (a gold, silver, or bronze level of coverage) and then making companies compete on price based upon identical plans this makes it a hell of a lot easier for customers to figure out where the best deals are. It lowers the swamp and leaves them less place to hide so that price differences become obvious.

Now, you can still buy a plan the old fashioned way outside of the exchange or via what ever your employer decides to allow you to have but it is nice to have a haven of transparency and open competition where customers can go if they don't want to try to figure out what 200 pages of legalese means.

[Dinner]

Depends on the deductible. "lower premium" could be rather meaningless without knowing what these plans actually cover.

That's the whole point. All companies by law must offer the exact same plan so, no, they can't switch stuff around. If you want something different than the three plans offered on the exchange you can still buy from the individual market the old fashioned way or go through your employer but at least there is one place where the competitors are forced to go head to head with the results open for all to see.

[Dinner]

It's a little hard to believe that they're now offering the same thing for half what they charged before. Sure, lack of transparency and competition could have given them some monopoly power, but 50% cheaper sounds too good to be true. I don't see how they could have deterred competitors from entering the market if they were getting 100%+ profit margins.

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A lot of the price decreases are due to new companies entering the market attempting to grab market share as they expect millions of new customers to be entering the market.

[ZEE]

Hi guys. Don't mind me I'm just doing my Part to Preserve Apolyton Tradition by one-starring an Oerdin-Thrade™

Thank you.

[Sava]

HC is an entry level peon. Don't listen to him. Nobody should listen to him about anything. Ever. People born after 1990 should be ignored about everything until at least 2025.

Well, he does have decent taste in video games. But I digress.

Insurance companies are the problem. In HC's defense, his perspective is more for what's good for them... not what's good for everyone else.

However, that doesn't mean you still aren't a moron, Oerdin.

[Dinner]

NY decided to offer four levels of coverage (California only three) as they have a Platinum, Gold, Silver, and Bronze options.

AAHZ, I'm afraid it really is only you who is obsessed with one starring threads and it certainly says more about you than me.

[Sava]

AAHZ is the one-star rating pussytwat? Thankfully, I've had him on ignore all this time.

[ZEE]

Only Oerdin-Thrades™ not sure who does the others

[Sava]

I didn't read your post. Just in case you are curious, I always thought you were a dumber version of stoned-me. Don't take it personally. I don't think you are as bad a person as BK or DFG. I'd probably like you IRL.

It's just that I've got enough lingering paranoia where, in a weak moment, I might think you were a DL I created... sort of like Fight Club... only, I'm the bad ass version.

[ZEE]

my Poast wasn't meant for your eyes.

[Sava]

Dammit. You got me to click that time. I'll stay strong. It won't happen again.